Model Audit Rule (MAR)

Model Audit Rule requirements

For the 2010 reporting period, the MAR regulation will require an internal control financial report (ICFR) from insurance companies, similar in concept to Section 404 of the Sarbanes-Oxley legislation. The report requires the approval and signature of an enterprise’s CEO and CFO, that internal controls are in place and that the insurance company is financially sound and solvent.Share knowledge and experience

BWise provides a template for an insurance company that enables the solvency and reporting requirements of MAR compliance now. The template provides a basis for MAR compliance and can assist an enterprise to get up to speed on MAR quickly. It includes key internal controls that enable your enterprise to define a full internal control framework based on NAIC MAR. The MAR template was developed and is based on best practices and experience from the work BWise has done in the insurance industry. By providing this template, BWise enables customers to benefit from the experience and best practices of peers in the insurance industry.

BWise® GRC platform

BWise provides a MAR template based on COSO. This template is fully functional with the BWise® GRC Platform. BWise software is used to help companies test controls, collect and analyze loss and incident information, and manage internal control, risk management and business process workflows. The BWise GRC solution and its accompanying MAR template are an integral part of creating a sound internal control financial report, as required by MAR.

Benefits

BWise assists insurance companies to comply with MAR and to prove to regulators that they are truly in control of their solvency. The BWise solution and its accompanying MAR template provide insurers with the ability to identify internal control problem areas and places for improvement. This will result in the required ICFR report and eventually the required solvency margin and a profound Return On Investment.